§ Mr. Oakesasked the Chancellor of the Exchequer what consultations he had before his decision to withdraw the £1 note.
§ Mr. LawsonPrior to the introduction of the £1 coin the Royal Mint consulted some 80 organisations. These included bulk cash handlers such as Banks, Post Office, security companies, transport concerns, large and small retailers, and the service and vending industries.
Additionally, many Chambers of Commerce and local authorities were invited to give their views and, in recognition of the special problems of the disadvantaged, so were organisations representing the elderly, handicapped and blind.
During the last 12 months, whilst both note and coin have been in circulation, many of these organisations were consulted to assess the level of acceptance of the coin by the public.
§ Mr. Oakesasked the Chancellor of the Exchequer if he will consult the Confederation of British Industry, the Trades Union Council, the English Tourist Board or the Federation of Old Age Pensioners as to the effects of his decision to withdraw the £1 note, with a view to reconsidering that decision before the note is withdrawn from circulation.
40W
§ Mr. LawsonNo. I am satisfied that the public has grown accustomed to the coin and that an additional expenditure of at least £3 million per annum to keep the £1 banknote in circulation cannot be justified.